Yorkshire Times
A Voice of the Free Press
1:00 AM 6th December 2023

Grant Thornton Turns Up The Heat In HVAC Marketplace

Grant Thornton advises Daikin Group in Brooktherm purchase
Grant Thornton advises Daikin Group in Brooktherm purchase
Grant Thornton UK LLP’s corporate finance team has advised Northumberland-based Daikin Applied (UK) in its acquisition of HVAC services and solutions company Brooktherm Refrigeration Ltd, as it looks to strengthen its service and maintenance capability across the UK.

Daikin Applied (UK) is part of a wider European group, Daikin Applied Europe S.p.A, headquartered in Rome, specialising in the design and production of chillers, heat pumps, air handling units, compressors and inverter drives.

Established in 2000, Wirral-based Brooktherm is a leading provider of industrial refrigeration and HVAC services, primarily across the North West. It provides a full scope of turnkey projects and services, including design, supply and installation and bespoke maintenance.

Brooktherm will maintain its trading name as a member of the Daikin Group. Brooktherm employs c75 people and recorded sales of over £14 million in the year to March 2023.

The acquisition of Brooktherm marks another step in Daikin’s strategy to develop its Industrial HVAC projects and solutions capability while strengthening its technical knowledge in preparation for new innovations such as natural refrigerants.

Daikin Applied (UK) in association with its service division, Daikin Applied Service, and Brooktherm, will be able to consolidate its position as a leading provider of service and maintenance solutions for a wide temperature range of products covering refrigeration, process cooling and industrial HVAC applications.

Brooktherm’s current Directors Jamie and Daniel Keating will continue to be involved in the management of the company and not only continue to support its existing customer base but also drive growth and development with the support of a global owner.

Jamie Keating commented:
“The acquisition by Daikin Applied is an important step for Brooktherm Refrigeration and will provide the investment needed for significant expansion and growth across the UK. We are excited about this new chapter in our company and are eager to combine our skills and strengths for the benefit of our customers.”

Claudio Capozio, CEO of Daikin Applied Europe S.p.A, added:
“We are pleased to welcome Brooktherm to the Daikin family. The Brooktherm acquisition is an important progression that complements and strengthens Daikin’s established applied sales and service organisation within the UK.

“Brooktherm has a wealth of knowledge in service, maintenance and turn-key installation projects, and brings a high level of technical expertise across all HVAC areas. We look forward to this acquisition enhancing our ability to support our customers with the premium service that both Daikin and Brooktherm are renowned for.”

Jim Whittaker, Daniel Crumpton and Bilal Hussain of Grant Thornton UK LLP Corporate Finance acted as lead adviser to Daikin Applied Europe.

Jim Whittaker said:
“It was a genuine pleasure to work with the team at Daikin Applied with respect to this important strategic acquisition, which forms an important step in Daikin’s UK expansion in HVAC services and capabilities. We wish Jamie and Daniel Keating every success as the Brooktherm business enters its next exciting stage of development.”

Paul Wigham and Kirsty Adamson of Weightmans provided legal advice. KPMG provided financial and tax due diligence services to Daikin.

The shareholders of Brooktherm were advised by the Corporate Finance team at Langtons (Simon Mills and Josh Christopher), and legal advice was provided by Jon Davage at Bermans.